Verifying cell data against a column

I am trying to find a formula to verify if a value in a cell is present in any of the cells on a different sheet inside of an Excel Workbook.

I have it set up so column A on sheet 1 is the data I want to check, and column A on sheet 2 is the data I want to check against. I tried using the following formula in column B of sheet 1:

=OR(EXACT(Sheet1!A1, Sheet2!A1:A1000))

For whatever reason, it is only checking cell B1 and not the entire cell range.

Also, the above formula only displays TRUE if there is a match or FALSE if there isn't. Is there any way I could change the text that displays?

Thanks in advance.

Worked like a charm. Very much appreciated :D